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Indicates Matter Stricken
Indicates New Matter
POLLED OUT OF COMMITTEE
MAJORITY FAVORABLE WITH AMENDMENT
April 26, 2006
S. 925
S. Printed 4/26/06--S.
Read the first time June 2, 2005.
To whom was referred a Bill (S. 925) to amend Section 62-3-911, as amended, Code of Laws of South Carolina, 1976, relating to partition of undivided interests in an estate, so as to give one or more, etc., respectfully
Has polled the Bill out with amendment, to wit:
Amend the bill, as and if amended, by striking the bill in its entirety and inserting therein the following:
TO AMEND CHAPTER 61, TITLE 15, CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 15-61-25, RELATING TO PARTITIONS, SO AS TO GIVE ONE OR MORE OF THE JOINT TENANTS OR TENANTS IN COMMON THE RIGHT OF FIRST REFUSAL TO PURCHASE THE SUBJECT PROPERTY BEFORE ITS JUDICIAL PARTITION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 61, Title 15 of the 1976 Code is amended by adding:
"Section 15-61-25. (A) For the purposes of this section, 'joint tenants and tenants in common' include heirs or devisees. Upon the filing of a petition for partition of real property owned by joint tenants or tenants in common, the court shall provide for the nonpetitioning joint tenants or tenants in common who are interested in purchasing the property to notify the court of that interest no later than ten days prior to the date set for the trial of the case. The nonpetitioning joint tenants or tenants in common shall be allowed to purchase the interests in the property as provided in this section whether default has been entered against them or not.
(B) In the circumstances described in subsection (A) of this section, and in the event the parties cannot reach agreement as to the price, the value of the interest or interests to be sold shall be determined by one or more competent real estate appraisers, as the court shall approve, appointed for that purpose by the court. The appraisers appointed pursuant to this section shall make their report in writing to the court within thirty days after their appointment. The costs of the appraisers appointed pursuant to this section shall be taxed as a part of the cost of court to those seeking to purchase the interests of the joint tenants or tenants in common petitioning to sell their interest in the property described in the petition for partition.
(C) In the event that the petitioning joint tenants or tenants in common object to the value of the interests as determined by the appointed appraisers, those joint tenants or tenants in common shall have ten days from the date of filing of the report to file written notice of objection to the report and request a hearing before the court on the value. An evidentiary hearing limited to the proposed valuation of the interests of the petitioning joint tenants or tenants in common shall be conducted, and an order as to the valuation of the interests of the petitioning joint tenants or tenants in common shall be issued.
(D) After the valuation of the interest in property is completed as provided in subsection (B) or (C) of this section, the nonpetitioning joint tenants or tenants in common seeking to purchase the interests of those filing the petition shall have forty-five days to pay into the court the price set as the value of those interests to be purchased. Upon the payment and approval of it by the court, the court shall execute and deliver or cause to be executed and delivered the proper instruments transferring title to the purchasers.
(E) In the event that the nonpetitioning joint tenants or tenants in common fail to pay the purchase price as provided in subsection (D) of this section, the court shall proceed according to its traditional practices in partition sales."
SECTION 2. This act takes effect upon approval by the Governor and applies to all petitions for partitions filed on or after that date. /
Renumber sections to conform.
Amend title to conform.
TO AMEND SECTION 62-3-911, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PARTITION OF UNDIVIDED INTERESTS IN AN ESTATE, SO AS TO GIVE ONE OR MORE OF THE HEIRS OR DEVISEES THE RIGHT OF FIRST REFUSAL TO PURCHASE THE SUBJECT PROPERTY BEFORE ITS JUDICIAL PARTITION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 62-3-911 of the 1976 Code, as last amended by Act 521 of 1990, is further amended to read:
"Section 62-3-911. When two or more heirs or devisees are entitled to distribution of undivided interests in any personal or real property of the estate, the personal representative or one or more of the heirs or devisees may petition the court prior to before the closing of the estate, to make partition. After notice to the interested heirs or devisees, the court shall partition the property in kind if it can be fairly and equitably partitioned in kind. If not subject to fair and equitable partition in kind, the court shall direct the personal representative to sell the property and distribute the proceeds; except that any one or more of the heirs or devisees may purchase the property for an amount considered by the court to be its fair market value after the notice of partition is given to the interested heirs or devisees but before the partition proceedings are underway."
SECTION 2. This act takes effect upon approval by the Governor and applies to all estates filed for administration or probate on or after that date.
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